The Chile Financial Market Commission has issued a Regulatory Compendium for External Auditing Firms that consolidates the rules for the sector into a single framework, updates them to reflect newer international standards and practices, and introduces a proportional regime for firms auditing certain supervised entities. Those firms will face additional suitability requirements, including knowledge accreditation exams for relevant audit teams, alongside a differentiated technical suitability framework for members of the audit team. The compendium also makes the corporate organization of external auditing firms more flexible by removing the requirement to be incorporated as partnerships. It updates the required content of firms' internal regulations to reflect the new suitability rules and to cover matters such as ethics and due diligence for all staff. In parallel, the Commission amended General Rule No. 30 to clarify the annual obligation to appoint an external auditing firm at shareholders' meetings, allowing the board of directors to propose ratification where the contract approved by shareholders remains in force. The new instructions take effect from issuance, although the regulation sets specific deadlines for firms to update their registry information and to comply with the new internal regulation and ongoing reporting requirements. The Commission also described the compendium as the first in a broader effort to modernize and systematize rules for other sectors, including funds and general fund managers, stock exchanges and intermediaries, and risk rating agencies.
Chile Financial Market Commission2026-05-19
Chile Financial Market Commission issues unified external auditing firms rulebook with added suitability requirements for higher impact audits
The Chile Financial Market Commission has issued a Regulatory Compendium for External Auditing Firms that consolidates and updates sector rules, introduces a proportional regime for firms auditing supervised entities, and imposes additional suitability requirements, including knowledge accreditation exams and a differentiated technical suitability framework. It relaxes corporate form requirements, updates internal regulation content on suitability, ethics and due diligence, and amends General Rule No. 30 to clarify the annual appointment and possible ratification of external auditors at shareholders’ meetings, as a first step in modernizing and systematizing rules for other sectors.